Ann: Magnetite Mines secures up to $7M funding, page-34

"pitching MGT against ROY is a childish and foolish statement"

Unfortunately I could not disagree more. The company name has changed, so has the management team, so has the marketing - but the deposit is exactly the same, and it's still stuck in the ground. I'm not sure how across the history of ROY (now MGT) you are, but what I'm seeing today is history repeating itself.

• In 2011 ROY released a presentation, if you go back and look it had all the sales talk to go with it (and capex of A$1.75B for the 10mpta option), with production happening by 2014 - see for yourself here: https://saemc.com.au/archive/2011/11royal.pdf).
• In early 2013 they released a PFS (see here: https://announcements.asx.com.au/asxpdf/20130130/pdf/42cns9typ8ft6d.pdf) with total capex at $2.2B (!). Unsurprisingly they immediately started "optimization" studies because they knew themselves this would never get out of the ground at those economics (even with a major iron ore bull market) and by the end of 2013 they had a new study with capex reduced to 'only' A$1.2B (quick summary here: https://www.caesarsreport.com/blog/royal-resources-optimizes-razorback-pfs/)
• Then in May 2014 they had an external study done to review their own optimization work and confirm it was all worth pressing ahead with (see here: https://announcements.asx.com.au/asxpdf/20140528/pdf/42pwnwhjjrb10c.pdf)

The rest is history... By July 2021 they had (yet another) PFS out, then they moved to a DFS, now they've started optimizing their DFS before they even released it... and here we are a full 10 years on from their original production date and the deposit hasn't moved an inch, but the studies and the salaries keep flowing. If you're curious why I bother to know all this, some years ago I decided to dig into HIO and MGT as a case study of what red flags to look out for in junior mining projects. It was a very useful exercise and has taught me to carefully research the history of the deposit itself, not just to fall for whatever marketing/macro/thematic pitch the latest management team is saying. If the deposit has been stuck in the ground for decades, then it's highly unlikely a new study or a new thematic is going to be the thing that suddenly makes this time different. Unfortunately too many investors say "new management, new approach!" and fall for the marketing shtick until it's too late - and their capital has flowed from their pocket into the directors', never to return.

All just my own opinion and experience, but I think having followed this story quite closely since July 2021, recent history has proved it to be true. Cheers and good luck.